Answer To Accounting Test Question CO No. 1 On Control Account

November 27th, 2006 /

Answer to Accounting Test Question CO No.1:

(a) Purchases Ledger Control Account

2004		$	2004		$
Oct 1	Balance b/d	324	Oct 1	Balance b/d	24,695

2005			2005
Sept 30	Bank	64,320	Sept 30	Credit purchases	70,394
	Discount received	1,717		Balance c/d	563
	Returns outwards	1,222
	Contra	2,850
	Balance c/d	25,219

		95,652			95,652
Oct 1	Balance b/d	563	Oct 1	Balance b/d	25,219

Sales Ledger Control Account

2004		$	2004		$
Oct 1	Balance b/d	43,628	Oct 1	Balance b/d	1,240

2005			2005
Sept 30	Interest charged to debtors	326	Sept 30	Returns inwards	1,938
				Allowance of damaged goods	500
	Carriage charges	3,290		Discount allowed	3,699
	Credit sales	132,845		Contra	2,850
	Dishonoured cheques	2,639		Bank	144,820
	Balance c/d	2,154		Bad debts	853
				Balance c/d	28,982
		184,882			184,882
Oct 1	Balance b/d	28,982	Oct 1	Balance b/d	2,154

(b) Mr William

Balance Sheet As At 30 September 2005

Current Assets

Trade debtors ($28,982-$2,154) $26,828

Less: Provision for doubtful debts $4,500

$22,328

Current Liabilities

Trade creditors ($25,219-$563) $24,656

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